IMF's Lagarde warns of a bumpy road ahead for Latin America despite great achievements

Economic Indicators Associated Press

The head of the International Monetary Fund says Latin America faces a bumpy road ahead despite impressive social and economic achievements in recent years.

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IMF director Christine Lagarde said Friday that the region's outlook will be influenced by shifting economic and financial conditions worldwide.

She said that while the U.S. seems to be on the path to recovery, prospects for the eurozone countries are uncertain and the outlook for China has cooled. Lagarde spoke at a regional summit in the Chilean capital.

Latin America has been steadily growing for the past decade on the back of high commodity prices. But Lagarde said prices for raw materials will continue to drop while an era of easy financing is expected to end soon.